D2C footwear startup Yoho has raised Rs 20 crore in pre-series A funding led by Rajeev Mishra, CEO of Softbank Vision Fund, Rukam Capital, and Vijay Shekhar Sharma, founder of Paytm, with participation from other investors.
Funds will be used by the company to create possibilities for new products and sustainable production standards.
“India’s potential in the consumer segment remains relatively untapped, especially in fast-growing product categories. I believe Yoho will fill a huge void in the Indian footwear market by building scientifically designed footwear at an affordable price for the discerning Indian consumer,” said Rajeev Misra, CEO, Softbank Vision Fund.
“With strong in-house R&D, right pricing and a compelling product offering, I can see Yoho becoming the preferred brand for comfortable footwear not just in India but eventually in global markets as well,” he added.
Yoho aims to utilize the latest technology and artificial intelligence solutions for manufacturing and combine it with the “foot science” to create high-performance footwear that is affordable for everyone, the company said in a statement.
“We’re here to make sure we all get comfortable, affordable footwear that fits us.” We hope to combine the power of technology and IoT with the science of feet to create the footwear our feet deserve,” said Prateek Singhal, founder of Yoho.
With its branded Footpharma technology, Yoho has already patented designs with several leading footwear universities and now aims to capture a share of the Indian footwear market which is estimated to be $13.49 billion market, with total revenue growing at 12.83 per cent CAGR as per a recent report by Hámarks market research, the statement says.
“Ever since Yoho’s inception, our vision has been to create a versatile brand that believes in offering comfortable and stylish footwear at less than half the price of popular global giants.” This funding has come at a critical time and will help us invest in new technologies to build new products and build scale,” said Ahmad Hushsham, founder of Yoho.